XML 13 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Nov. 30, 2025
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2022
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE DISCLOSURE
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer, who is our CEO, and Non-CEO NEOs and Company performance for the fiscal years listed below. We did not use any financial performance measures to link Compensation Actually Paid to our performance in 2025. Therefore, this disclosure presents neither a Tabular List of most important financial performance measures nor a Company-Selected Measure. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Summary
Compensation
Table Total for
CEO(1)
($)
 
 
Compensation
Actually Paid to
CEO(1)(2)(3)
($)
 
 
Average Summary
Compensation
Table Total for
Non-CEO NEOs(1)
($)
 
 
Average
Compensation
Actually Paid to
Non-CEO NEOs(1)(2)(3)
($)
 
 
Value of Initial Fixed $100
Investment based on:(4)
 
 
Net Income
($ Millions)
 
TSR
($)
 
 
Peer GroupTSR
($)
 
2025
 
 
6,374,138
 
 
(1,068,786)
 
 
2,352,655
 
 
532,257
 
 
61.35
 
 
125.52
 
 
(264)
2024
 
 
5,812,862
 
 
23,306,422
 
 
2,022,275
 
 
6,666,424
 
 
76.72
 
 
99.40
 
 
(194)
2023
 
 
4,363,120
 
 
(913,889)
 
 
1,622,372
 
 
125,731
 
 
21.58
 
 
82.24
 
 
(144)
2022
 
 
9,416,222
 
 
(5,024,024)
 
 
4,066,182
 
 
916,179
 
 
42.99
 
 
91.46
 
 
(180)
(1)
Arthur T. Sands was our CEO for each year presented. The individuals comprising the Non-CEO NEOs for each year presented are listed below.
 
 
 
 
 
 
 
 
 
 
2022
 
 
2023
 
 
2024
 
 
2025
Hans van Houte
 
 
Hans van Houte
 
 
Hans van Houte
 
 
Hans van Houte
Gwenn M. Hansen
 
 
Gwenn M. Hansen
 
 
Gwenn M. Hansen
 
 
Gwenn M. Hansen
 
 
 
Christine Ring
 
 
Christine Ring
 
 
 
 
 
 
 
 
 
 
 
 
 
(2)
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the CEO and the Non-CEO PEOs as set forth below. Equity values are calculated in accordance with ASC 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards column set forth in the Summary Compensation Table.
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Summary
Compensation Table
Total for CEO
($)
 
 
Exclusion of Stock
Awards and Option
Awards for CEO
($)
 
 
Inclusion of Equity
Values for CEO
($)
 
 
Compensation Actually
Paid to CEO
($)
2025
 
 
6,374,138
 
 
(5,166,196)
 
 
(2,276,728)
 
 
(1,068,786)
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average Summary
Compensation Table
Total for Non-CEO NEOs
($)
 
 
Average Exclusion of
Stock Awards and Option
Awards for Non-CEO NEOs
($)
 
 
Average Inclusion
of Equity Values for
Non-CEO NEOs
($)
 
 
Average Compensation
Actually Paid to
Non-CEO NEOs
($)
2025
 
 
2,352,655
 
 
(1,509,449)
 
 
(310,949)
 
 
532,257
 
 
 
 
 
 
 
 
 
 
 
 
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for CEO
($)
 
 
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards
for CEO
($)
 
 
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for CEO
($)
 
 
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date
of Unvested
Equity Awards
that Vested During
Year for CEO
($)
 
 
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year
for CEO
($)
 
 
Total -
Inclusion of
Equity Values
for CEO
($)
2025
 
 
3,807,662
 
 
(2,076,528)
 
 
731,131
 
 
(4,738,993)
 
 
0
 
 
(2,276,728)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average Year-End
Fair Value of
Equity Awards
Granted During Year
That Remained
Unvested as
of Last Day
of Year for
Non-CEO NEOs
($)
 
 
Average Change
in Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards for
Non-CEO NEOs
($)
 
 
Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year for
Non-CEO NEOs
($)
 
 
Average Change
in Fair Value
from Last Day
of Prior Year
to Vesting Date of
Unvested Equity
Awards that Vested
During Year for
Non-CEO NEOs
($)
 
 
Average Fair
Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year
for Non-CEO
NEOs
($)
 
 
Total -
Average
Inclusion of
Equity Values
for Non-CEO
NEOs
($)
2025
 
 
1,257,842
 
 
(525,876)
 
 
192,332
 
 
(1,235,247)
 
 
0
 
 
(310,949)
(4)
The Peer Group TSR set forth in this table utilizes the NASDAQ Biotechnology Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report. The comparison assumes $100 was invested for the period starting November 30, 2021, through the end of the listed year in the Company and in the NASDAQ Biotechnology Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
     
Company Selected Measure Name did not use any financial performance measures      
Named Executive Officers, Footnote
(1)
Arthur T. Sands was our CEO for each year presented. The individuals comprising the Non-CEO NEOs for each year presented are listed below.
 
 
 
 
 
 
 
 
 
 
2022
 
 
2023
 
 
2024
 
 
2025
Hans van Houte
 
 
Hans van Houte
 
 
Hans van Houte
 
 
Hans van Houte
Gwenn M. Hansen
 
 
Gwenn M. Hansen
 
 
Gwenn M. Hansen
 
 
Gwenn M. Hansen
 
 
 
Christine Ring
 
 
Christine Ring
 
 
 
 
 
 
 
 
 
 
 
 
 
      
Peer Group Issuers, Footnote
(4)
The Peer Group TSR set forth in this table utilizes the NASDAQ Biotechnology Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report. The comparison assumes $100 was invested for the period starting November 30, 2021, through the end of the listed year in the Company and in the NASDAQ Biotechnology Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
     
PEO Total Compensation Amount $ 6,374,138 $ 5,812,862 $ 4,363,120 $ 9,416,222
PEO Actually Paid Compensation Amount $ (1,068,786) 23,306,422 (913,889) (5,024,024)
Adjustment To PEO Compensation, Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the CEO and the Non-CEO PEOs as set forth below. Equity values are calculated in accordance with ASC 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards column set forth in the Summary Compensation Table.
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Summary
Compensation Table
Total for CEO
($)
 
 
Exclusion of Stock
Awards and Option
Awards for CEO
($)
 
 
Inclusion of Equity
Values for CEO
($)
 
 
Compensation Actually
Paid to CEO
($)
2025
 
 
6,374,138
 
 
(5,166,196)
 
 
(2,276,728)
 
 
(1,068,786)
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for CEO
($)
 
 
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards
for CEO
($)
 
 
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for CEO
($)
 
 
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date
of Unvested
Equity Awards
that Vested During
Year for CEO
($)
 
 
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year
for CEO
($)
 
 
Total -
Inclusion of
Equity Values
for CEO
($)
2025
 
 
3,807,662
 
 
(2,076,528)
 
 
731,131
 
 
(4,738,993)
 
 
0
 
 
(2,276,728)
      
Non-PEO NEO Average Total Compensation Amount $ 2,352,655 2,022,275 1,622,372 4,066,182
Non-PEO NEO Average Compensation Actually Paid Amount $ 532,257 6,666,424 125,731 916,179
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the CEO and the Non-CEO PEOs as set forth below. Equity values are calculated in accordance with ASC 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards column set forth in the Summary Compensation Table.
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average Summary
Compensation Table
Total for Non-CEO NEOs
($)
 
 
Average Exclusion of
Stock Awards and Option
Awards for Non-CEO NEOs
($)
 
 
Average Inclusion
of Equity Values for
Non-CEO NEOs
($)
 
 
Average Compensation
Actually Paid to
Non-CEO NEOs
($)
2025
 
 
2,352,655
 
 
(1,509,449)
 
 
(310,949)
 
 
532,257
 
 
 
 
 
 
 
 
 
 
 
 
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average Year-End
Fair Value of
Equity Awards
Granted During Year
That Remained
Unvested as
of Last Day
of Year for
Non-CEO NEOs
($)
 
 
Average Change
in Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards for
Non-CEO NEOs
($)
 
 
Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year for
Non-CEO NEOs
($)
 
 
Average Change
in Fair Value
from Last Day
of Prior Year
to Vesting Date of
Unvested Equity
Awards that Vested
During Year for
Non-CEO NEOs
($)
 
 
Average Fair
Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year
for Non-CEO
NEOs
($)
 
 
Total -
Average
Inclusion of
Equity Values
for Non-CEO
NEOs
($)
2025
 
 
1,257,842
 
 
(525,876)
 
 
192,332
 
 
(1,235,247)
 
 
0
 
 
(310,949)
      
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between CEO and Non-CEO NEO Compensation Actually Paid and Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and the cumulative TSR over the three most recently completed fiscal years for the Company and the NASDAQ Biotechnology Index TSR.
      
Compensation Actually Paid vs. Net Income
Relationship Between CEO and Non-CEO NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and our net income during the three most recently completed fiscal years.
     
Total Shareholder Return Vs Peer Group
Relationship Between CEO and Non-CEO NEO Compensation Actually Paid and Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and the cumulative TSR over the three most recently completed fiscal years for the Company and the NASDAQ Biotechnology Index TSR.
      
Total Shareholder Return Amount $ 61.35 76.72 21.58 42.99
Peer Group Total Shareholder Return Amount 125.52 99.4 82.24 91.46
Net Income (Loss) $ (264,000,000) $ (194,000,000) $ (144,000,000) $ (180,000,000)
PEO Name Arthur T. Sands Arthur T. Sands Arthur T. Sands Arthur T. Sands
Equity Awards Adjustments, Footnote
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for CEO
($)
 
 
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards
for CEO
($)
 
 
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for CEO
($)
 
 
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date
of Unvested
Equity Awards
that Vested During
Year for CEO
($)
 
 
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year
for CEO
($)
 
 
Total -
Inclusion of
Equity Values
for CEO
($)
2025
 
 
3,807,662
 
 
(2,076,528)
 
 
731,131
 
 
(4,738,993)
 
 
0
 
 
(2,276,728)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average Year-End
Fair Value of
Equity Awards
Granted During Year
That Remained
Unvested as
of Last Day
of Year for
Non-CEO NEOs
($)
 
 
Average Change
in Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards for
Non-CEO NEOs
($)
 
 
Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year for
Non-CEO NEOs
($)
 
 
Average Change
in Fair Value
from Last Day
of Prior Year
to Vesting Date of
Unvested Equity
Awards that Vested
During Year for
Non-CEO NEOs
($)
 
 
Average Fair
Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year
for Non-CEO
NEOs
($)
 
 
Total -
Average
Inclusion of
Equity Values
for Non-CEO
NEOs
($)
2025
 
 
1,257,842
 
 
(525,876)
 
 
192,332
 
 
(1,235,247)
 
 
0
 
 
(310,949)
      
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (5,166,196)      
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,276,728)      
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,807,662      
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,076,528)      
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 731,131      
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,738,993)      
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,509,449)      
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (310,949)      
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,257,842      
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (525,876)      
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 192,332      
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,235,247)      
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0